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2010 04 01 MDD MinutesMINUTES OF THE REGULAR MEETING OF THE BOARD OF DIRECTORS OF THE BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT April 01, 2010 The Board of Directors of the Baytown Municipal Development District (MDD) met in a Regular Meeting on Thursday, April 01, 2010, at 4:31 P.M. in the Council Chamber of the Baytown City Hall, 2401 Market Street, Baytown, Texas with the following in attendance: Reggie Brewer Director Lynn A. Caskey, II Director David McCartney Director Terry Sain Director Scott Sheley Director Lena Yepez Director Mary Hernandez Director Stephen DonCarlos President Garrison C. Brumback General Manager Bob Leiper Deputy General Manager Ignacio Ramirez, Sr. General Counsel Kevin Troller Assistant General Manager Leticia Garza Secretary President DonCarlos convened the April 01, 2010, Regular Meeting with a quorum present at 4:31 P.M. 1. MINUTES a. Approve the Minutes of the Baytown Municipal Development District (MDD) Regular Meeting held on February 04, 2010. A motion was made by Director Sheley, seconded by Director McCartney approving the minutes from the February 04, 2010, Municipal Development District Regular Meeting. The vote was as follows: Ayes: Directors: Brewer, Caskey, McCartney, Sain, Sheley, Yepez, and President DonCarlos Nays: None The motion passed. Page 2 of 3 Minutes of the April 01, 2010 MDD Board Meeting 2. PROPOSED RESOLUTIONS a. Interlocal Agreement with the City of Baytown for Funding of the Redevelopment of 700 W. Texas Avenue - Administration. Resolution No. 144 authorizes an Interlocal Agreement with the City of Baytown for funding of a mixed -use development project to be located on the property located at 700 W. Texas Avenue, Harris County, Texas, to promote local economic development and stimulate business and commercial activity within the City. The project will include: a building with: (1.) at least 3,000 square feet of commercial space and (2.) at least 9,0222 square feet of market -rate residential space consisting of the following: 1 No. of Units No. of Bedrooms I 6 _� 1 1 F Efficiency 5 and (3.) a parking lot. No. of Bathrooms Approximate Square Feet 644 1 - - - � -- - -- 716 - -- 1 � 928. General Manager, Garry Brumback stated that under the agreement, after competitive bidding, the City of Baytown will enter into a Chapter 380 Agreement with the successful developer to endeavor to purchase 700 W. Texas Avenue and to lease the same back to the developer. As proposed, the MDD will fund $346,000, which will be used to purchase the property and then repaid by the developer at the City's TxPOOL annual interest rate rounded up to the nearest whole percent and amortized over a 29 -year period with a final balloon payment at the end of year 15. If the successful bidder pays ad valorem taxes on the property or the leasehold estate during the term of the agreement, the annual interest rate will be at 1 % for the year in which such taxes were paid; otherwise the rate will be adjusted to reflect the then - current TxPOOL rate rounded as noted above. Once the District's monies are paid back and the purchase option payment is paid, the City will convey the property to the successful developer. A motion was made by Director Sheley, seconded by Director Caskey approving Resolution No. 144. The vote was as follows: Ayes: Directors: Brewer, Caskey, McCartney, Sain, Sheley, Yepez, Hernandez, and President DonCarlos Nays: None The motion passed. Page 3 of 3 Minutes of the April 01, 2010 MDD Board Meeting RESOLUTION NO. 144 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT AUTHORIZING THE PRESIDENT TO EXECUTE AN INTERLOCAL AGREEMENT WITH THE CITY OF BAYTOWN FOR FUNDING OF A MIXED -USE DEVELOPMENT PROJECT; AUTHORIZING PAYMENT OF AN AMOUNT NOT TO EXCEED THREE HUNDRED FORTY -SIX THOUSAND AND NO 1100 DOLLARS ($346,000.00); MAKING OTHER PROVISIONS RELATED THERETO; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF. 3. MANAGER'S REPORTS Finance Director, Cynthia Pearson presented that monthly sales tax report and stated that the March information is not ready. 4. ADJOURN A motion was made by Director Sain, seconded by Director McCartney adjourning the MDD April 01, 2010, Regular Meeting. The vote was as follows: Ayes: Directors: Brewer, Caskey, McCartney, Sain, Sheley, Yepez, Hernandez, and President DonCarlos Nays: None The motion passed. President DonCarlos a &lged the MDD Regular Meeting on April 01, 2010, at 4:46 P.M. ��PJe� BEVf City of Baytown